I hear what you're saying about the cost to make them habitable but I don't think that will be considered a gamble when you're looking backwards a few years from now. 

http://www.justice.gov/usao/id/news/2013/dec/andersonskinner%2012092013.html Here is an editorial about it expanding on what went on... http://www.lewrockwell.com/2013/12/william-norman-grigg/police-state-justice/ "At his change of plea hearing, Anderson admitted to having knowledge of an illegal gambling operation that was being run out of a house he owns located at 6655 W.

The biggest mistake is not doing something.I love to gamble so this will replace me sitting at the 2-5 game at motorcity.

Proctor & Gamble (P&G) is an international conglomerate with 25 separate billion-dollar brands including: Gillette, Pantene, Crest, Tide, Dawn, and Olay.

Get authentic neighborhood food in K-town, Little Ethiopia, Thai town, Little Armenia, the like. 

It's a huge gamble because I've seen properties go for 50% of FMV and others go for more than 100%, it all depends on who is bidding and how desirable the property is. 

Now, I am not one to risk big $$, but IF I were a gambling man, I would jump on the condo (at 50% on the dollar of course:), get the place cash flowing, and if FEMA steps in, you just doubled your money thanks to the American tax payer.

This feels more like a gamble than an investment. ...but people are winnnniiiiinnnggg lol 

Unfortunately they eventually outlawed charity gambling.

Gambling is more fun when you have money to loose don't you agree?